Leeds Group- leading to a capital return

Hi broker

I think Hemmers is probably worth at least its NAV of 4.5 - 5m. I know it doesn't have a 100% reliable record but it does look to me to be well managed. Costs have been cut and turnover is growing thanks to introducing new ranges including Disney, they clearly have some ideas for the business rather than just letting it plod on. An operating profit of 800k to 1m this year looks possible.

I don't worry about fraud here anymore than anywhere else, I trust Gyllenhammar in as much as I don't think he's dishonest in the way some are, even if he's out for himself first.

This would only ever go private if the Swedes wanted it to and I doubt they would pay a full price for it. It doesn't seem likely to me now, since I don't think there's enough upside in it to justify the cost and effort, assuming they offered 25-28p.

Sorry to here about Langbar, I stayed clear just because it all looked a bit too good to be true.